Gold In Euros At New Record As Fears Of European Contagion Get Worse

Tuesday, July 12, 2011
By Paul Martin

by Tyler Durden

From Gold Core

Oxford Economics: Academic Proof that Gold is an Important Diversification Against Inflation & Deflation – Gold New Record Nomin

Gold is trading at $1,543.94/oz, €1,108.99/oz and £976.81/oz.

Equities internationally and bonds in Greece, Ireland, Spain and Italy have fallen this morning while gold rose to new record nominal highs in euros and pounds (over EUR1,118/oz GBP980/oz respectively). The Italian 10 year rose above 6% for the first time and the Spanish 10 year yield rose to 6.12%. US stock futures are pointing to losses on the U.S. opening.

Cross Currency Rates

Irish government bonds have reached a new euro era record high with the 10 year rising to 13.57% – up from 11.6% only 5 days ago. Ireland’s “bail out” is clearly not working as contagion deepens in the eurozone.

The Rest…HERE

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